Question
please help me with this one. At the beginning of the current season on April 1, the ledger of Indigo's Discorama showed Cash $1,800, Inventory
please help me with this one.
At the beginning of the current season on April 1, the ledger of Indigo's Discorama showed Cash $1,800, Inventory $2,600, and Owner's Capital $4,400. The following transactions were completed during April 2022.
Apr. 5 | Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,000, FOB shipping point, terms2/10, n/60. | |
7 | Paid freight on the Mumford purchase $40. | |
9 | Received credit from Mumford Co. for merchandise returned $100. | |
10 | Sold merchandise on account for $900, terms n/30. The merchandise sold had a cost of $540. | |
12 | Purchased disc golf shirts and other accessories on account from Saucer Sportswear $590, terms 1/10, n/30. | |
14 | Paid Mumford Co. in full, less discount. | |
17 | Received credit from Saucer Sportswear for merchandise returned $90. | |
20 | Made sales on account for $620, terms n/30. The cost of the merchandise sold was $400. | |
21 | Paid Saucer Sportswear in full, less discount. | |
27 | Granted an allowance to customers for clothing that did not fit $40. | |
30 | Received payments on account from customers $940. |
The chart of accounts for the store includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold.
(a)
Journalize the April transactions using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title to record credit sale | enter a debit amount | enter a credit amount |
enter an account title to record credit sale | enter a debit amount | enter a credit amount | |
(To record credit sale.) | |||
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title to record cost of merchandise sold | enter a debit amount | enter a credit amount |
enter an account title to record cost of merchandise sold | enter a debit amount | enter a credit amount | |
(To record cost of merchandise sold.) | |||
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title to record credit sale | enter a debit amount | enter a credit amount |
enter an account title to record credit sale | enter a debit amount | enter a credit amount | |
(To record credit sale.) | |||
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title to record cost of merchandise sold | enter a debit amount | enter a credit amount |
enter an account title to record cost of merchandise sold | enter a debit amount | enter a credit amount | |
(To record cost of merchandise sold.) | |||
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | |
choose a transaction date Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
(b)
Enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries presented in the previous part.)
Cash | No. 101 | ||||
---|---|---|---|---|---|
Date | Explanation | Ref. | Debit | Credit | Balance |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | Balance | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
Accounts Receivable | No. 112 | ||||
Date | Explanation | Ref. | Debit | Credit | Balance |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
Inventory | No. 120 | ||||
Date | Explanation | Ref. | Debit | Credit | Balance |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | Balance | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
Accounts Payable | No. 201 | ||||
Date | Explanation | Ref. | Debit | Credit | Balance |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
Owner's Capital | No. 301 | ||||
Date | Explanation | Ref. | Debit | Credit | Balance |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | Balance | enter a debit amount | enter a credit amount | enter a balance amount | |
Sales Revenue | No. 401 | ||||
Date | Explanation | Ref. | Debit | Credit | Balance |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
Sales Returns and Allowances | No. 412 | ||||
Date | Explanation | Ref. | Debit | Credit | Balance |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
Cost of Goods Sold | No. 505 | ||||
Date | Explanation | Ref. | Debit | Credit | Balance |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount | |
choose a transaction date Apr. 1Apr. 5Apr. 7Apr. 9Apr. 10Apr. 12Apr. 14Apr. 17Apr. 20Apr. 21Apr. 27Apr. 30 | J1 | enter a debit amount | enter a credit amount | enter a balance amount |
(c)
Prepare a trial balance on April 30, 2022. (Do not list those accounts that have zero ending balance.)
INDIGO'S DISCORAMA Trial Balance choose the accounting period For the Quarter Ended April 30, 2022For the Year Ended April 30, 2022April 30, 2022 | |||
---|---|---|---|
Debit | Credit | ||
enter an account title | $enter a debit balance | $enter a credit balance | |
enter an account title | enter a debit balance | enter a credit balance | |
enter an account title | enter a debit balance | enter a credit balance | |
enter an account title | enter a debit balance | enter a credit balance | |
enter an account title | enter a debit balance | enter a credit balance | |
enter an account title | enter a debit balance | enter a credit balance | |
enter an account title | enter a debit balance | enter a credit balance | |
Totals | $enter a total for the debit column | $enter a total for the credit column |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started